Consoladating credit cards

· 26-Apr-2017 07:32

There are two major reasons to consider consolidation: to save money by getting a more favorable interest rate and to facilitate making payments on time.Say you've been carrying a handful of credit cards with rates in double digits.When you consolidate your debts, you replace several debts with one larger loan.One method of consolidating credit card debt is to transfer the balances of multiple credit cards to a new one.Credit card providers sometimes offer low introductory interest rates or special deals on balance transfers, meaning you might end up paying less.

If you move your debt to make it easier to pay back, it's very important that you don’t spend any more on the card.Gather all of your credit card statements and add up exactly how much you owe.Find two sums: your total debt load and your total estimated monthly payments.With the help of credit consolidation, you can restructure your debt repayment plan.Through this, you can consolidate your multiple credit card bills into a single payment every month.